COVID-19 pandemic and the global economic situation: a year on

Abstract

A year after the World Health Organization´s declaration of the novel COVID-19 as a pandemic, the global macro-economic landscape has experienced severe shocks. As a result, developed and developing countries have been saddled with intense economic uncertainties. In this study, we discuss the global macro-economic environment during the pandemic declaration period and juxtapose it with the one-year post-pandemic declaration. The evidence shows significant negative impacts on macro-economic variables in the year of the declaration. However, signs of recovery are evident a year on, albeit slowly. To sustain and accelerate the recovery gains, we suggest that strategic macro-management policies are designed and strictly implemented. Anything short of this will see especially fragile countries plunged into an “economic abyss” with severe sociopolitical implications.